See DR. JOEY SMITH

DR. JOEY SMITH from front page

Smith opened with the clear and direct statement, “Please keep in mind the economy is not the stock market. Your stock portfolio may be down 20% to 30%, but, overall, we are experiencing among the lowest levels of unemployment. It is pretty good here and on the state level. There is reason to be optimistic compared to what you hear. We have the latest data for you today to digest.”

Unemployment insurance claims are down, and Smith said claims will remain down. From a labor perspective, the economy is still improving. Unemployment rates have bounced around a little in this region, but not significantly, he said, “What we are seeing is not much of a decline as we had expected. From a labor perspective, we are not experiencing a recession.

“In our six county area, anyone with any skills can get a job if he wants a job. We are not seeing layoffs or declines in production. What we didn’t anticipate is the amount of people leaving the labor force retiring early and not coming back. Also, some people who were adversely affected by covid have not come back, but most have.”

If an unemplyment rate is at 4% to 6% , this is an indicatation that anyone who wants a job can get a job. The highest unemployment in this area is Douglas County at 3.3%. Carroll County unemplyment rate is 3.1 % - considered “the star average”. Smith said, “Overall, the economy is trending in the right direction.”

Smith continued, “In this six county area, we are about 4800 people above pre-pandemic levels. In Carroll County, about 630 above that level. Carroll County was up 263 jobs primarily in construction.You are doing better now than before. If you are still experiencing labor shortage, it is because you have expanded since the pandemic.

“The ‘Great Resignation’ actually started before the pandemic. The pandemic actually stopped people from resigning. Why did they stop? Because of policies and health benefits. The government guaranteed paychecks even if they stayed home. People could work from home and didn’t need to resign. “Who left? People who may have been planning to retire, who found they had larger nest eggs and house prices up - housing prices rising almost 100% over the past five years. And we think this was really a much longer term trend. Also, marginally attached workers left as did front line workers. Keep in mind, we expanded who front line workers are now: anyone in direct contact with the public, like fast food workers.”

Dr. Smith stated that during The Great Recession [2007-2009], there were 6% discouraged workers, and now it’s only 3.8% trying to find jobs.

What are the local economic indicators? First is the population and the Georgia population is growing. When the population grows, it brings economic growth with it. Georgia ranks 11th, just outside the top 10.

Another indicator is in auto. In this area, more than 7,000 jobs are in auto-related industries. Auto manufacturing is down, as is auto sales, but prices are up. Manufacturing is down due to access to electronic parts. Dealers are not complaining about making money, just about inventory. Both used and new car prices are still rising, but not as much.

Locally, is good for the workers with profits strong. There are three auto manufacturers nearby: Kia, Honda, and Hyundai. Smith said, “In 1994, their market share was 5% but now it’s 15% combined, three times higher. That’s pretty good for our area.”

Another national indicator is vehicle travel mileage. Car mileage is down while truck travel is trending down. Another indicator is fuel prices. Fuel prices are another indicator and they are up. Natural gas is up 51%, diesel up 56%, and gas is up 15% year to date. Propane prices are down 23% and that is good

“Gross sales tax receipts are up, some because of inflation. People are spending money in Georgia. The state coffers are overflowing and they don’t know what to do with it. You might want to talk to your state representatives. . . so you can influence how they spend it.” for our area, for those who live in rural areas and for area farmers.

“Gross sales tax receipts are up, some because of inflation. People are spending money in Georgia. The state coffers are overflowing and they don’t know what to do with it. You might want to talk to your state representatives, and might want them in this group [Kiwanis Club] so you can influence how they spend it.”

Why shortage of goods? Smith said, “We have changed our behavior in the marketplace.

Shown above left is Dr. Joey Smith, professor of economics, David A. Johnson Distinguished Scholar, and chair of the Department of Economics at the University of West Georgia, as he is thanked by Carrollton Kiwanis Club Paul McDaniel, club president-elect, for his presentation on current economics. Photo by Neil Weathington

See ECONOMY GROWING page 27

HONORING ALL WHO SERVED VETERANS DAY

November 11, 2022

StateJ. COLLINS RepresentativeR-Villa Rica

J CollinsI will continue to be fiscally conservative and pro-business. Please feel free to contact me if you have any questions or concerns.

Committees Appropriations - Member Governmental Affairs - Member Juvenile Justice - Secretary Public Safety and Homeland Security - Chairman Regulated Industries - Member Special Committee on Access to the Civil Justice System - Member

Capitol Address 408-A Coverdell Legislative Office Bldg. Atlanta, GA 30334 404.657.1803 Office District Address 206 South Carroll Rd. Villa Rica, GA 30180 j.collins@house.ga.go